Cablevision to spin off satellite business and program channels

The Cablevision Systems Corporation plans to create a separate company for its fledgling satellite TV service and three of its cable program channels. The new unit, to begin on Jan. 1, will be called Rainbow DBS.

In addition to Cablevision’s the direct broadcast satellite service, the new company will include the cable channels AMC, the Independent Film Channel and WE: Women's Entertainment.

Retained by the parent company will be the regional cable and telecommunications businesses, Madison Square Garden and its professional sports teams, Radio City Music Hall and other assets including Clearview Cinemas and interests in regional sports networks.

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